It’s the end of the financial year and you want to make the numbers look good. Are you able to make that last ditch attempt to cut costs and improve that bottom line?
By Amanda Gome and Colin Benjamin
It’s the end of the financial year and you want to make the numbers look good. Are you able to make that last ditch attempt to cut costs and improve that bottom line?
Take our skills check. Score your results and see if your capabilities add up. Answer the 10 questions (where a ranking of three means you strongly agree) and see how you rate.
1. I have identified items we can discount.
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2. I have looked at parts of the business – including our product range – that I can cut out immediately and not lose cash flow.
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3. I have ensured all sales deals are finalised by June 30.
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4. I have brought forward supply agreements to hedge against future costs.
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5. I have cut out unnecessary travel and we are using webinars and teleconferencing instead.
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6. I am encouraging staff to find new staff rather than pay recruitment costs.
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7. I have renegotiated better legal fees and accounting fees.
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8. I have put off all unnecessary functions and events until after July 1.
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9. We have increased our productivity per unit of sales.
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10. We are sharing sales and marketing costs and other admin costs with other companies.
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Below 15: So exactly how ARE your end of year figures looking?
16-25: Not bad, try harder.
25-30: Nice. Your accountant will be pleased. And so will your board! Give yourself a pay rise.
Smart Company is the leading online publication in Australia for free news, information and resources catering to Australia’s entrepreneurs, small and medium business owners and business managers.
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